Business
NLNG Gets Entries For Energy Sector Competition
The Nigerian Liquefied Natural Gas (NLNG) says it has received 85 entries from different people to compete in its 2018 edition of the 100,000 dollars Nigeria Prize for Science.
The Corporate Communications and Public Affairs Manager of NLNG, Mr Andy Odeh made this known last Monday in Lagos.
Odeh spoke while handing over the entries to the Chairman, Advisory Board for Science Prof. Alfred Susu.
Theme of the competition is: “Innovations in Electric Power Solutions.”
Odeh said that the 2018 programme was inspiring because of the 85 entries recorded, which he said was a sharp departure from the past.
He said that there was problem of poor quality of entries in 2016, adding that the popularity of the competition had increased.
“This shows a remarkable increase in the number, which further proved the level of awareness and interest in one of the most festive science and technology prize.
“I encourage the board members and the panel of judges to uphold the vessels that brought us this far with the identification of 2018 entries.
“I assure you of the NLNG continue support to make outcome of the competition a resounding success,” he said.
Susu, in his remarks, said that the prize was a theme-based, meaning that every year, a theme which has relevance with the problem of Nigeria would be selected.
“The prize is for excellence in science to get 100,000 dollars; you must be excellent and the participants can be from anywhere in the world.
“We figure it out that any problem Nigeria has, if the solution is in other hand, they should let us know and help us, so that we can use it,” he said.
Receiving the entries, the Chairman, Panel of Judges, Prof. Francis Oluwole, said that the panel would do its best “to bring out the best and justify the trust bestowed on us’’.
Oluwole said, “The topic is a serious challenge facing the country and the panel of judges who are experts in energy sector will do justice to the entries.”
Other members of the panel are Prof. Val Ekechukwu of Applied Solar Energy, Mechanical Engineering Department, University of Nigeria, Nsukka and Prof. Abubakar Sambo, a former Director-General of Energy Commission of Nigeria.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
